GBP/USD weaker, pierces 1.2800
|The selling pressure around the Sterling remains everything but abated today, forcing GBP/USD to retreat to fresh lows in sub-1.2800 levels.
GBP/USD down on USD-bids, UK polls
Cable came under strong and renewed selling pressure at the end of the week in response to a persistent buying interest around the buck and latest UK elections poll results.
In fact, recent YouGov poll results saw the Conservative party still leading the vote intentions vs. the Labour Party, although the gap has significantly narrowed from previous weeks.
Additionally, the bid tone around the greenback has gathered further pace today after the second revision of US GDP now sees the economy expanding more than expected at an annualized 1.2% vs. 0.9% initially forecasted.
Further US data saw the Reuters/Michigan index at 97.1, coming in short of the preliminary print albeit a tad higher than April’s reading.
Spot retreated to the boundaries of the critical 1.2800 support, levels last seen in late April, and remains poised to close the week in the red territory, reverting the previous advance.
GBP/USD levels to consider
As of writing the pair is losing 1.14% at 1.2797 facing the next support at 1.2758 (low Apr.21) followed by 1.2685 (55-day sma) and then 1.2593 (200-day sma). On the flip side, a breakout of 1.3036 (high May 23) would aim for 1.3051 (2017 high May 18) and finally 1.3125 (high Sep.22 2016).
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.